Record levels of renewable energy investment

The Clean Energy Council has reported 41 renewable energy projects have been committed in 2017, resulting in record levels of investment in renewable energy in Australia.

The unprecedented wave of investment is worth over $8 billion, and has created approximately 4680 new direct jobs and massive economic benefits for local businesses across the country.

Clean Energy Council Chief Executive, Kane Thornton, said, “These 41 projects will deliver over 4330MW of new capacity, which is crucial to increasing supply in the energy market, replacing old coal-fired generation that continues to close and ensuring downward pressure on power prices.

“Private investors have committed to 26 projects currently under construction, with another 14 securing finance and expected to commence construction in 2017. It is incredible to see the shift in conversation and action around and in the industry.

“In addition, there is strong uptake of rooftop solar systems from Australian homes and businesses, expected to deliver over 1000MW of capacity worth over $2 billion during 2017. This combined investment will deliver an unprecedented level of private sector investment in power generation in this country’s history.”

Mr Thornton said initiatives by many state and territory governments combined with the strong role of the Australian Renewable Energy Agency and Clean Energy Finance Corporation puts the 2020 Renewable Energy Target well within reach.

“In addition to the 4330MW of committed projects, there are additional projects that have secured Power Purchase Agreements or are likely to be delivered through the Victorian and Queensland renewable energy programs,” Mr Thornton said.

“We have already seen six times the investment value in 2017 of what we saw in 2016, and the new capacity will also help with energy security. In 2016, the combined capacity from all projects completed stood at 264.1MW. This year 2210.2MW of projects have been committed and 1881.2MW are in construction with a whole financial quarter still to go.

“States like Queensland and NSW are leading the charge, with $5403.5 million being invested in these parts of Australia alone.

“This level of industry momentum risks slowing down without a long-term energy policy, such as a Clean Energy Target that will incentivise new investment far beyond 2020. It’s time to lock in a long-term policy and get on with the job.